Both players are rumoured to be unsettled at their respective London clubs, with the Bulgarian striker having admitted via his agent that he is looking to leave, while the Spurs ace is said to be frustrated by a lack of first-team opportunities.
This has opened the door for a possible exchange, with the duo moving on loan.
Tottenham have previously indicated that any side looking to loan Holtby will have to fund his £75,000-per-week earnings, which the Cottagers can do if the are alleviated of Berbatov’s salary.
Tim Sherwood may be open to such an arrangement, with a new striker thought to be on his agenda before the deadline passes.
Although Fulham have previously indicated that the enigmatic hit-man will not be allowed to leave, it is thought that their stance has altered significantly as negotiations with Olympiakos for Kostas Mitroglou continue.
Berbatov himself is said to be happy to re-join Tottenham, whom he left under controversial circumstances to join Manchester United in 2008.